Access Bank Zambia, a subsidiary of Nigeria’s Access Bank Plc, has reached a ‘definitive agreement’ with Cavmont Capital Holdings Zambia Plc (CCHZ) to acquire Cavmont Bank Ltd.


The tier-1 bank announced this latest development regarding the merger talk which has been ongoing for a while, in a statement that was signed by its Company Secretary (Sunday Ekwochi) and issued to the Nigerian Stock Exchange earlier today.

According to the statement by Access Bank, the deal is a highly complementary transaction that is expected to combine Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.

The proposed transaction which, in the meantime is still subject to relevant shareholder and regulatory approvals, is also expected to better position Access Bank Zambia as one of the top 10 banks in the Southern African country.

Customers from the enlarged bank will benefit from greater security offered by what will be one of the most capitalized banks in Zambia with a more diversified product and service offering and a broader geographical footprint and infrastructure.

Access Bank on its notification stated, ‘’Subsequent to our announcement on July 8, 2020, the Board of Access Bank Plc announces today that its subsidiary, Access Bank (Zambia) Limited, has entered into a definitive agreement with Cavmont Capital Holdings Zambia Plc (CCHZ) regarding proposed acquisition of Cavmont Bank Limited, a subsidiary of CCHZ and subsequent merger of Cavmont Bank’s operations into Access Bank Zambia. The proposed transaction, which remains subject to relevant shareholder and regulatory approvals, will position the enlarged Access Bank Zambia as one of the top 10 banks in Zambia and create the momentum to advance its strategic objectives.’’

‘’Under the terms of the agreement, Access Bank Zambia will acquire the entire issued ordinary share capital, assets and liabilities of Cavmont Bank while Capricom Group Limited, the ultimate majority shareholder of CCHZ will invest at least ZMW300 million ($16.5 million) of preference shares into Access Bank Zambia. Capricorn will hold preference shares in the enlarged Access Bank Zambia for a period of five years, after which the preference shares will be acquired by Access Bank Plc.’’


The statement also notes that the enlarged bank will be well placed to participate in the long-term economic growth of Zambia and will be predicated on the country’s vast reserves of natural resources and fast growing young population.

The transaction is expected to be completed during the fourth quarter of 2020.

Source: https://nairametrics.com/2020/08/06/just-in-access-bank-acquires-zambian-cavmont-bank-ltd/

This is good for business.

Planning to mess up as they do in Nigeria.

Only time will tell if it was a great feat, but congratulations to them.

Damnnnnn niggarrr
Isoright...
All these mumu mumu Bank dey acquire wetin them nor go fit manage
Na only their interior design i like...access bank interior building design make sense

FX:
I will even close my account with them. They are becoming useless. One of the worst bank currently in the country. I better use Keystone bank and have peace.

Ogbeni...all bank get wahalar.... talking from experience..abi na wema bank..those ones nor dey green want reverse person money....zenith na issuer or switch inappropriative wahalar...gt bank na mumu online transaction wahalar
The best thing for you to do as a real niggarrr na to get multiple accounts so that you go get option once any one dey mumu... just try open reach eight....like me i get reach seven

Well done

Okay

Ok oh... congratulations to them but they should try as much as possible to reduce their charges before the change wey I get in my account no go dey withdrawable again

Nice one

Hope my our money is safe

Interesting

Always acquiring new banks

What is wrong with this bank? Must they acquire the whole of Africa?

How many bank access wan acquire (intercontinental, diamond now zam...)

No wonder this wankers were busy deducting money illegally from customers accounts.

They are just acquiring and their services never improves

I had been wondering why the useless bank deducted #120 from my account last week. Thank you OP for opening my eyes to see the reason.

HushAccess, enough is enough!

Access Bank, Zambia they say

Wow

Honda Pilot 2005
Toyota Avalon
Toyota camry 2004
Toyota camry 2009
Toyota venza 2013
Range rover sport 2005
Honda CRV 2003
Toyota camry 2006 .... All available
Check my profile for more

Osamagioghowewi:
Hope my our money is safe

My brother. Na better question you ask o.

Can someone tell them the difference between 'big' and great

Its okay. Just a reminder. I buy and sell bitcoin. Check my signature.

Nice one. Despite the covid 19 brouhaha. Access bank still acquired another bank. Something great can still happen before the end of the year, be hopeful. Am greatly hopeful too!

Why won't they be able to buy banks every where ,when they're only good in debiting customers account with illegal fees and they've never added a single #1 interest to customers account they rather keep deducting illegal fees

Congrats to the management team. One thing though, why are we having big banks that cannot support our real sector? Having deposits and acquiring banks is not enough.

Access Bank Coman buy Nigeria na.

Golan007:
Planning to mess up as they do in Nigeria.

pls appreciate them atleast... they're acquiring banks all over Africa.. the last time it was Kenya.. now zambia

Lol

it's not about acquiring more banks, make the ones you already own user friendly...

I don't use Access but since they bought Diamond, my friends who use them have been complaining!

Verdict : The more this bank is expanding, the more it is becoming useless.



A united youth is an unstoppable force



#NYM



God bless Nigeria

The Most Easiest and Legit Way to Make Money Online in Nigeria today

Extra Source of Income: You Can Be Making up to ₦25k or more weekly Legitimately with your phone and from home.
First I thought it was one these scam sites until I went online to read more about then and also did personal analysis of the business concept. You can also Google about them to learn more.

Check my Signature for more details.posting before you get paid.

Igbos taking over Africa